Aviation Distributors Inc.: The Lake Forest supplier...

Aviation Distributors Inc.: The Lake Forest supplier of new and used aircraft parts, which has been embroiled in controversy stemming from its auditor’s accusations that the company used phony sales figures to obtain a loan, reported charges of nearly $1.6 million last year for legal costs and for settling lawsuits. After the charges, the company earned $404,492, or 14 cents a share. The company also restated its 1996 results, posting a loss of $1.7 million, or 88 cents a share, rather than net income of $315,237, or 18 cents a share. Sales increased 63% to $39 million from $23.9 million.